The First Look: Your 10-Second Guide To What Happened Overnight

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ASIA: Japan nose-dived today, and Asia was down hard. Mainland China, however, closed in the green. The Japanese yen has surged to a eight-year high vs. the euro and the yen has broken below 85 to the U.S. dollar, in a dramatic move. See more in the focus charts below.

China seems to have been supported by gains in its property stocks, with both Vanke and Poly Real Estate seeing strong gains as Sina.com reported that Shenzhen transaction volume has rebounded.

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EUROPE: UPDATE: Opened down, then the selling intensified with France leading weakness. Investors continue to question the validity of Europe’s bank stress tests since some major European banks reportedly won’t provide sovereign debt exposure data going forward. Greek banks are being urged to merge due to weak profits. Greek 10-year government bond yields continue to blow out. The building material giant CRH reported earnings, but forecast a drop in earnings, nose-diving its shares.

Moody’s has warned that austerity could actaually cause credit ratings downgrades for troubled European natios.

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MACRO: The Baltic Dry Index continues to surge. Oil is easing back. Note however that China’s first half oil imports are up by 30%.

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U.S. FUTURES: Are falling. Watch for existing home sales data at 10:00 AM ET.

EARNINGS: Barnes & Noble (BKS), Burger King (BKC), Medtronic (MDT)

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ASIA: Japanese Yen vs. U.S. dollar

ASIA: Yen vs. the Euro, strengthened to an 8-year high today

ASIA: Japanese exporter Furukawa murdered by the yen move

ASIA: Tokyo Electron hammered as well

ASIA: China's leading property developer Vanke explodes higher, helping China outperform Asia

ASIA: China's Poly Real Estate also surges

EUROPE: Building material giant CRH plummeting after reporting earnings, watch the U.S. ADRs today (CRH)

EUROPE: Miner RIo Tinto slumping as speculation mounts that they could bid for Potash vs. BHP. Watch their ADRs, RTP, today

EUROPE: The Greek 10-year yield continues to blow out

EUROPE: Ireland's 10-year yield is easing, but remains at much higher levels than just a few weeks back

MACRO: Baltic Dry Index -- Still surging

MACRO: In case you missed it -- The chart that shows why China will rock the oil market

Source: CFR

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